Real Estate
Due to the COVID-19 pandemic, the theme park industry’s goal is no longer to attract as many customers as possible and maximize the use of land. Social distancing will affect the customer base at amusement parks from a mass-market equal access product to an exclusive, luxury pricing model. Keeping similar profit margins with reduced capacity could significantly increase prices and allow customers to access all rides without lines. With fewer customers and more pricing, theme parks will look to add value to their experiences and make them more immersive.
In line with trends to provide a more immersive experience for guests, the usage of virtual and augmented reality technology will rise in 2022. Virtual reality creates a 3D digital environment that can interact with a person. Augmented reality transform reality into a digital space, placing virtual objects in the real world. Without the mass crowds that previously drove the guest experience, the industry is adopting both types of technologies in rides and attractions. This also caters to the millennial and generation Z groups that are driving industry growth.